Investments
 
Arrabida
 
Location Porto, Portugal
Date acquired Acquired by Global Fund I in June 1999
Purchase price US$95 million (100%)
Description A 57,000 sqm, three level shopping centre anchored by a 23,225 sqm Jumbo hypermarket and a 20 screen AMC centre with 125 additional shop units.
Investment strategy The property was acquired from a local developer in a thinly capitalised structure. While fully let, it had been poorly merchandised and offered expansion/development potential. A focused leasing programme was introduced to maximise income which attracted key European retail chains. The asset had potential for further expansion and detailed design and approvals were obtained and the asset sold for a value reflecting the benefit of these expansionary plans. The asset was sold to a French institution and a national mall manager/developer.
Date sold December 2001
   
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